- There has been an uptick in exchange inflow volume from BTC long-term holders.
- This suggests that these investors are now taking profit.
Leading coin Bitcoin [BTC] may witness a short-term price correction as on-chain data suggests a movement of coins from long-term holders (LTHs) to short-term holders (STHs).
In a new report, CryptoQuant analyst Yosei Dent assessed the coin’s exchange activity and found that when it crossed the $51,000 price mark on the 14th of February, there was an uptick in the amount of long-held BTCs that were transferred to exchanges.
LTHs pause to take profit
According to Dent:
“As soon as BTC breached the $51k mark on the 14th, 5,153 BTC from the 6m-12m age band were inflowed into exchanges.”
Dent added that the BTC holders in this investor cohort acquired their coins during the 2023 bull market run, which started in October and caused the coin’s value to close the trading year at a multi-month high of $42,000.
In addition, on the same day, the exchange inflow volume of coin holders who have had their BTCs for three to five years briefly climbed to 2,123 BTC.
According to Dent, most of these investors bought their coins during the bull run from 2019 to 2021. Therefore, the recent spike in exchange inflow volume from them suggested they took profit.
“Considering that the BTC price was at $48k on February 14, 2021, it seems that a portion of the 3y-5y cohort investors may have exited the market at thei
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Author: Abiodun Oladokun
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